Crypto Market Daily Highlights – DOGE Leads a Top 100 Breakout

Key Insights:

• It was a bullish Tuesday for the crypto top ten, with dogecoin (DOGE) leading the way.
• Easing market bets of a 75-basis point Fed rate hike continued to drive demand for riskier assets.
• The bullish session led the crypto market cap up $25.2 billion to $931.1 billion.

It was a bullish Tuesday session for the crypto top ten. Dogecoin (DOGE) led the way. Notably, BTC ended the day at $20,000 for the first time since September 17.

US economic indicators and soothing Fed chatter delivered riskier assets another bullish session. JOLTs job openings slid from 11.170 million to 10.053 million in August. Economists forecast a fall to 10.775 million.

FOMC member Mary Daly also delivered some comfort, saying that the Fed has the ways and the means to bring inflation under control in the gentlest way possible.

On Tuesday, the NASDAQ 100 rallied by 3.34%, with softer US economic indicators giving the Fed the option to take the foot off the gas. This morning, the NASDAQ 100 Mini was down 23.5 points.

Later today, US ADP nonfarm employment and ISM Non-Manufacturing PMI numbers will be the key stats of the day. Soft numbers could deliver further support, though we could see investor jitters over a global economic recession resurface.

Crypto Market Enjoys a Bullish Session Supported by Weak US Stats

On Tuesday, the crypto market slipped to an early low of $900.8 billion before surging to a late high of $938.0 billion. While easing back from the high, the market cap rose by $25.2 billion to end the day at $931.1 billion.

Easing bets of a hawkish Fed rate hike in November pushed the market cap back towards the $1 trillion mark.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bullish Tuesday session for the crypto top ten.

DOGE led the way, surging by 9.16%. BNB (+3.20%), BTC (+3.63%), ETH (+2.93%), SOL (+3.67%), and XRP (+3/77%) also enjoyed breakout sessions.

ADA (+1.87%) trailed the front runners, however.

From the CoinMarketCap top 100, it was a bullish session.

Convex Finance (CVX) and DOGE led the way, with gains of 8.28% and 9.16%, respectively. Helium (HNT) was also a front runner, rallying by 6.24%.

However, Reserve Rights (RSR), Terra Classic (LUNC), and Chiliz (CHZ) were among several to buck the broader market trend. RSR slid by 5.96%, with LUNC and CHZ seeing losses of 3.17% and 1.05%, respectively.

24-Hour Crypto Liquidations Inch Higher on BTC Return to $20,000

Over 24 hours, total liquidations increase on Tuesday, with a BTC return to $20,000 likely catching the bears off guard. At the time of writing, 24-hour liquidations stood at $70.43 million, up from $45.45 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 24,358 versus 20,263 on Tuesday morning. Liquidations were up over four and twelve hours while down over the last hour.

According to Coinglass, 12-hour liquidations stood at $35.28 million, up from $29.66 million on Tuesday morning, with four-hour liquidations up from $5.00 million to $11.41 million. However, one-hour liquidations were down from $1.64 million to $0.568 million, reflecting a bullish end to the session.

The chart below shows market conditions throughout the session.